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taxes. are you thrilled about this come is a great idea? >> if you want all this government and you have to pay for it, the truth is if we don't/government spending, you have to raise taxes on the middle class. the problem is there's no guarantee the higher taxes will go to reduce the deficit the government might just spending . money has been spent on relief aid for hurricane sandy. melissa: that is absolutely true. do you think if we give them more moneyhey will spend it -- is to die and pay their bills? >> america is already too vat already. i think it is exactly right. wh is the marginal expenses from a marginal dollar of taxes raised? is it less than a dollar? three years out it will be more than a dolr so if you raise a dollar in tax revenue from higher taxes, while actually from anything, i expect what will happen is a dollar will be spent and it is not just a guess. in illinois we raised state income taxes about 75% three years ago, two, three years ago. look at the states around the
taxes. are you thrilled about this come is a great idea? >> if you want all this government and you have to pay for it, the truth is if we don't/government spending, you have to raise taxes on the middle class. the problem is there's no guarantee the higher taxes will go to reduce the deficit the government might just spending . money has been spent on relief aid for hurricane sandy. melissa: that is absolutely true. do you think if we give them more moneyhey will spend it -- is to die...
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tax for years. they rely on a windfall from the rich energy resources as well as other forms of taxation, including a sales tax. political analysts are warning the proposal to eliminate income tax could be followed by a plan to raise the sales tax. the office responded to the claim saying only he wants to keep the sales tax as low as possible. well, from texas to investment, it is a mad-toward equity mutual funds in the new year. inflows for the first week reaching $22 billion in his second highest level in history and the highest in 11 years. emerging-market equity funds saw the biggest inflow reheat to cover teeseven and a half billion. ceo of edelman financial services joins me now. when regular investors finally get interested in equity says it mean it is almost over? >> ordinarily i would agree it to my yes, it does, but not this time. you know why? it has been five years since ordinary consumers have had any confidence at all in the u.s. stock market. finally, after watching the stock market r
tax for years. they rely on a windfall from the rich energy resources as well as other forms of taxation, including a sales tax. political analysts are warning the proposal to eliminate income tax could be followed by a plan to raise the sales tax. the office responded to the claim saying only he wants to keep the sales tax as low as possible. well, from texas to investment, it is a mad-toward equity mutual funds in the new year. inflows for the first week reaching $22 billion in his second...
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clearly, clearly not a tax problem. gerri: nothing you are saying is giving me a lot of confidence, but it is always a pleasure to have you on the show. thank you for coming. all right. less than two weeks away from the start of president obama's second term, and there are big changes to come to his administration. you probably heard about some of them. major players headed for the exits are out the door had been pushed out as is the case with former cia director david patraeus. for most of these positions, the president has told the city wants to take over, senator john kerry for secretary of state, former senator chuck hegel for defense secretary and adviser john brennan for the cia. for my money his potential pick for treasury secretary has be scratching my head. white house chief of staff jet blue. here he is right here. fox news sources say that announcement to replace tim geithner could come by the end of the week. all but a done deal. but what experiences he had that would make him right for the job? the 57-year-
clearly, clearly not a tax problem. gerri: nothing you are saying is giving me a lot of confidence, but it is always a pleasure to have you on the show. thank you for coming. all right. less than two weeks away from the start of president obama's second term, and there are big changes to come to his administration. you probably heard about some of them. major players headed for the exits are out the door had been pushed out as is the case with former cia director david patraeus. for most of...
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the payroll tax credit is gone. the new tax rate is on. more than 80% of working americans waking up to the sober reality ths weekand john sununu says there is no relief for this hangar where anytime soon. governor, several people said what is going on. i'm not a fat cat, i'm seeing higher taxes. you know, it's happening in a lot of places across the country, isn't it? >> yes, my comments to you on david sokol. it is true. this evil visibility to after the fact. when you crucified him in public, would it kill you at the bottom of page 261 he is exonerated. >> that's right, he's a bright guy and as he had always been, he was an honest guy. so it's good to hear. >> you asked the question about people getting hit with taxes. they get used to it. they will be getting hit with more and more taxes over the next four years. certainly over the next six months as well. obamacare taxes are comingnto play. the middle class discoved that on a 1.7 up to 2% tax increase out of this tax package. certainly the higher income people got even more than now.
the payroll tax credit is gone. the new tax rate is on. more than 80% of working americans waking up to the sober reality ths weekand john sununu says there is no relief for this hangar where anytime soon. governor, several people said what is going on. i'm not a fat cat, i'm seeing higher taxes. you know, it's happening in a lot of places across the country, isn't it? >> yes, my comments to you on david sokol. it is true. this evil visibility to after the fact. when you crucified him in...
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as much of the tax increase. in terms of negative effect, because it wasn't such a positive effect in the first place. >> that thing you just said about saying this is my next question, because up until now, a lot of this has been theory, very academic. in terms of what kind of tax increases you will have. but for example today, we all open our statement. you see, oh, my pay stub is now gone down by x. what are people more likely to do? save less and still spen the same on what they want or will they make decisions leak okay next week i won't go out to dinner. >> well, let's put it this way. remember, a good part of this was going to repay debt. so this suggests to me that debt repayment isn't what they had on hand and people didn't have debt so they didn't have as big a monthly payments that were still owed. but i would think that, you know, if your paycheck was cut by $10, $20, i would think about half of that shows up in consumption. and again the rest of it either in savings or more likely in not paying off a
as much of the tax increase. in terms of negative effect, because it wasn't such a positive effect in the first place. >> that thing you just said about saying this is my next question, because up until now, a lot of this has been theory, very academic. in terms of what kind of tax increases you will have. but for example today, we all open our statement. you see, oh, my pay stub is now gone down by x. what are people more likely to do? save less and still spen the same on what they want...
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and that is because the federal and local tax rates, marginal tax rates combined in high tax states are not on high income taxpayers are now in the neighborhood of 50%. in my home state of connecticut, it's 48.5%, in new jersey and new york, it's higher. and in california, it's higher again. >> right. >> and 50% is well past the peak of the curve, meaning that as production rises -- as taxes rise, production diminishes. so, when taxes go to 100%, production goes to0 and the government collects nothing. >> right. >> so, as taxes rise, the government's stake will diminish. and the government's stake is maximized somewhere between 40% and 45%. and we are beyond that. so, the government's stake is going to diminish from here on, so raising taxes is no longer going to be an answer to deficit reduction and apparently neither is cutting spending. >> yeah, i mean, i guess, you know, the broad -- the broad populous, you know, the people, i don't know that they necessarily understand the implications of not cutting spending, because it does feel like, you know, it constantly goes on the republica
and that is because the federal and local tax rates, marginal tax rates combined in high tax states are not on high income taxpayers are now in the neighborhood of 50%. in my home state of connecticut, it's 48.5%, in new jersey and new york, it's higher. and in california, it's higher again. >> right. >> and 50% is well past the peak of the curve, meaning that as production rises -- as taxes rise, production diminishes. so, when taxes go to 100%, production goes to0 and the...
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the law was hotly debated, it is a law and they should not be able to raise the taxes particularly taxes on our young people simply by avoiding congress. gerri: george pataki, thank you for coming on the show tonight, thank you very much. >> thank you. gerri: it was this day in business back in 1990, fox's animated series "the simpsons" first premiered and became an instant hit. the half-hour sitcom islamist running american program so far running 24 seasons and 515 episodes. in the early 90s toward simpson was america's favorite character in fact introduced during its peak. for the 1 million shares sold on a given day bringing in $2 billion in revenue during the first 14 months. in 2007 the simpsons movie was released in theaters worldwide. it grossed $527 million sold $750 million in simpson's related merchandise. by 2011 the show made $1 billion in profits. this initiative 25 emmy nominations or awards and a star on the hollywood walk of fame. the first fox show to break into the top 10 in the ratings, "the simpsons" premiered o permit ons business day january 14, 23 years ago today.
the law was hotly debated, it is a law and they should not be able to raise the taxes particularly taxes on our young people simply by avoiding congress. gerri: george pataki, thank you for coming on the show tonight, thank you very much. >> thank you. gerri: it was this day in business back in 1990, fox's animated series "the simpsons" first premiered and became an instant hit. the half-hour sitcom islamist running american program so far running 24 seasons and 515 episodes. in...
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. >> the taxing amount of time it will take us to do our taxes this year. it is today's thing that makes you go hhmmm. >> and has gold lost its shine? or is now a golden opportunity to buy? stick around. [ male announcer s joe woods' first day of work. and his new boss told him two things -- cook what you love, and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef before opening a restaurant specializing in fish and game from the great northwest. he'll start investing early, he'll find some good people to help guide him, and he'll set money aside from his first day of work to his last, which isn't rocket science. it's just common sense. from td ameritrade. ♪ [ male announcer ] some day, your life will flash before your eyes. make it worth watching. introducing the 2013 lexus ls. an entirely new pursuit. with multiple lacerations to the wing and a fractured beak. surgery was successful, but he will be in a cast until it is fully healed, possibly several months. so, if the duck isn't able to work, how will he
. >> the taxing amount of time it will take us to do our taxes this year. it is today's thing that makes you go hhmmm. >> and has gold lost its shine? or is now a golden opportunity to buy? stick around. [ male announcer s joe woods' first day of work. and his new boss told him two things -- cook what you love, and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef before opening a restaurant specializing in fish and game from the great...
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gerri: to stay in business back in 1901 that the first major oil well was discovered in taxes. you know about this. the spindle top was discovered by anthony lukas with a depth of more than 1,000 feet. slowed -- load. it took nine days to capture pulling u.s. oil production overnight and making the town of beaumont into a black gold boom town. attracting all sorts of oil workers, investors, and merchants, tripling the population in three months and more than 500 companies. imagine that , created as a result. three included humble, the texas company, and magnolia petroleum which eventually turned into what you may well recognized as exxon, texaco, and mobil. the cost of a barrel than $167. today less than 94. the world's first trillion dollar industry began on this business day, january 10th, 112 years ago today. we will be right back with my "2 cents more" in the answer to our question of the day. it was the housing bust caused by bad lenders or bad borrowers? ♪ [ woman ] if you have the audacity to believe your financial advisor should focus on your long-term goals, not thei
gerri: to stay in business back in 1901 that the first major oil well was discovered in taxes. you know about this. the spindle top was discovered by anthony lukas with a depth of more than 1,000 feet. slowed -- load. it took nine days to capture pulling u.s. oil production overnight and making the town of beaumont into a black gold boom town. attracting all sorts of oil workers, investors, and merchants, tripling the population in three months and more than 500 companies. imagine that ,...
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governor mcdonald said gas tax isn't doing enough and phasing in more money from the sales tax is a common sense way to generate more money for infrastructure. >> if we cannot annually generate 3/10 of 1% we are not serious about fixing the transportation problem. >> he said it will generate 3 .1 million dollars over 5 years if it passes virginia would be the first state in the country to eliminate gas tax. >>> mark joins us to weigh in on both general assembly sessions. good to see you. >> good to be here. >> i spent a lot of time in annapolis sounds like the gas tax is a sure thing. >> the gas tax is 23.5¢, same as dc is and you know last time, brian, the governor, who has presidential ambitions we probably have to say this every single time and is term limited, wanted to raise the sales tax from 6 to 7%. they were unable to do this i guess he thinks this is the path of least resistance he is not going to run for governor again so he will try it. in terms of republicans in the house, they are so outnumbered they can say all they want but if the democratic speaker and state senate presid
governor mcdonald said gas tax isn't doing enough and phasing in more money from the sales tax is a common sense way to generate more money for infrastructure. >> if we cannot annually generate 3/10 of 1% we are not serious about fixing the transportation problem. >> he said it will generate 3 .1 million dollars over 5 years if it passes virginia would be the first state in the country to eliminate gas tax. >>> mark joins us to weigh in on both general assembly sessions....
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melissa: here's some scary news just in time for tax season. a new report found cases of identity related theft jumped 650% from 2008 to 2012. isn't that stagger? what is the irs doing to prevent thieves from ripping you off? how can you be sure you don't become a victim? we have colonel cedric layton, former member of the joint chiefs of staff and a cybersecurity expert. why do you think we've seen such a dramatic rise? >> melissa, we've seen a rise because it is easy for identity thieves, hackers to get into the irs systems and the tax preparation systems. what that means for all of us we have to pay close attention to our tax preparers since 90% use software to prepare taxes or go to h&r block or similar companies to do that. those are kind of things we have to watch out for. we have to watch out for it when the tax form gets to the irs itself. there is a possibility of data theft within the irs system as well. melissa: what do you mean watch out for it? because i feel fairly, once the irs has it, what can you possibly do to protect yourself
melissa: here's some scary news just in time for tax season. a new report found cases of identity related theft jumped 650% from 2008 to 2012. isn't that stagger? what is the irs doing to prevent thieves from ripping you off? how can you be sure you don't become a victim? we have colonel cedric layton, former member of the joint chiefs of staff and a cybersecurity expert. why do you think we've seen such a dramatic rise? >> melissa, we've seen a rise because it is easy for identity...
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it creates demand because the taxes are going up. that tax bite takes different forms. that's going to create a change for the asset going forward. >> where is the best place to put your money forward in this space? how do you do it? >> look at two things. one is let's think about the yield curve and interest rates. we've seen a bit of volatility on interest rates lately. there's a thought we might see an environment of better economic growth. rates might go higher. we think the immediate part of the curve is probably the safest place for the investors who are looking or think rates might be going up. then the other is you need to play the revenue space. there's a lot of high quality credits out there. but the yields are low. you're not really getting compensated. from a risk reward perspective, like health care and transportation, like housing and education offer a lot of value with not a lot of risk. >> so tell me how the fed plays into all of this, peter. there was all that noise last week about the division among fed members on how long the stimulus program should c
it creates demand because the taxes are going up. that tax bite takes different forms. that's going to create a change for the asset going forward. >> where is the best place to put your money forward in this space? how do you do it? >> look at two things. one is let's think about the yield curve and interest rates. we've seen a bit of volatility on interest rates lately. there's a thought we might see an environment of better economic growth. rates might go higher. we think the...
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punitive taxes that tax income or the means of production. but if you tax consumption that makes sense. melissa: if you haven't looked at it would you consider the same thing? >> i think that it's, it takes awhile to build that consensus to do that. i mean we've looked at those kind of proposals to do that. this is a more modest form of tax reform aimed at transportation but i think from a conservative republican standpoint going to consumption based taxes makes sense. it has been done in tennessee. they don't have a income tax. it has been done in texas and florida. australia, new zealand did it about 15 or 20 years ago. they had an economic bonanza. there is pretty good evidence that these kind of tax reforms do work. melissa: liberals always argue it is incredibly regressive. hitting a sales tax you're discouraging people from consuming and taking the poorest people and taxing them at the same rate as the wealthiest. it is very regressive as opposed to those people that caa afford to pay more. how do you respond to liberals that say things
punitive taxes that tax income or the means of production. but if you tax consumption that makes sense. melissa: if you haven't looked at it would you consider the same thing? >> i think that it's, it takes awhile to build that consensus to do that. i mean we've looked at those kind of proposals to do that. this is a more modest form of tax reform aimed at transportation but i think from a conservative republican standpoint going to consumption based taxes makes sense. it has been done in...
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yes the tax deal did that. the issue about the long run is we do not want the government to be competing with the private sector for barrowing when capital markets are tight. right now the federal government can borrow at less than 2%. right now we have, for example, a $2.3 trillion deficit in infrastructure. why aren't we investing in infrastructure right now? why aren't we borrowing to build our future? that is separate from whether we decide now on a change in the retirement age for one of our n entitlement programs. >> let's answer that question. what do you think? i mean, do you think part of this is the indecision in washington that just what tom said that, you know, folks are out there saying there's too much uncertainty. why do you think folks are not hiring yet? what's the answer? >> i think it's a bit of uncertainty and still the fact that if you look at median incomes in the united states, if you look at per capita household incomes in the united states, if you look at household wealth in the united
yes the tax deal did that. the issue about the long run is we do not want the government to be competing with the private sector for barrowing when capital markets are tight. right now the federal government can borrow at less than 2%. right now we have, for example, a $2.3 trillion deficit in infrastructure. why aren't we investing in infrastructure right now? why aren't we borrowing to build our future? that is separate from whether we decide now on a change in the retirement age for one of...
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tax increases, and getting rid of the debt ceiling nonsense. how they could make a deal over december 31st allowing the debt ceiling nonsense to come in the first quarter? it just seems ridiculous. we're about to go into never never land again. liz: so do you believe that the longer end, starting where? 15? 30? >> five years is weak, ten years weak, long bonds weak. again, trading down until this fiscal -- the real fiscal cliff of the debt ceiling gets resolved. liz: you predicted for qe infinity, and new minutes from the federal reserve indicates more than one more person said e have to stop adding liquidity to the -- >> wouldn't that be great? liz: i don't know, would it? in what way, and what do you buy if that's the case? >> issuing ten year notes, and the u.s. government buys them all? they finance them overnight, lowest interest rates, oh, we are not boar ring for long, that seems silly, but with the 2% growing economy, it's going to take a long time to stop qe3. the sad part is qe3 goes on, and at the enof the year, oh, we are not there
tax increases, and getting rid of the debt ceiling nonsense. how they could make a deal over december 31st allowing the debt ceiling nonsense to come in the first quarter? it just seems ridiculous. we're about to go into never never land again. liz: so do you believe that the longer end, starting where? 15? 30? >> five years is weak, ten years weak, long bonds weak. again, trading down until this fiscal -- the real fiscal cliff of the debt ceiling gets resolved. liz: you predicted for qe...
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not for what is going to happen with taxes. i'm talking about stocks for individual companies, and for them, it is nothing short of amazing. buy buy buy. >> house of pleasure. >> first and most obvious, the home builders, i know all of those stocks have had magnificent runs in 2012 but i don't think they are over. that's the good news. the bad news is home builders have vaulted so high, it is worth waiting for some scare, some federal reserve pop off, downgrading the stocks, before i would do any buy buy buy and when they pull back i think you go for toll brothers, the best of breed. and then there are the housing related retailers. home depot. i think here you want to go with the multi year term at pier one. especially since the online strategy is just kicking in. building suppliers should have a fantastic year. plenty to choose from here. owens corning. home and security for kitchen and bath, sherwin williams for paint and rubbermaid and stanley, black and decker, and mohawk for carpets and gypsum board. i'm told they need th
not for what is going to happen with taxes. i'm talking about stocks for individual companies, and for them, it is nothing short of amazing. buy buy buy. >> house of pleasure. >> first and most obvious, the home builders, i know all of those stocks have had magnificent runs in 2012 but i don't think they are over. that's the good news. the bad news is home builders have vaulted so high, it is worth waiting for some scare, some federal reserve pop off, downgrading the stocks, before...
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up next, charitable deduction donations phasing out as a result of congress' tax deal. now non-profits are bracing for the impact. the head of a non-profit will speak to me about the challenges. also ahead, recreational marian label. a new twist in the murder kiss of a lottery winner. wait until what investigators have uncovered now. stay with us on that. until it is fully healed, bt possibly several months. so, if the duck isn't able to work, how will he pay for his living expenses? aflac. like his rent and car payments? aflac. what about gas and groceries? aflac. cell phone? aflac, but i doubt he'll be using his phone for quite a while cause like i said, he has a fractured beak. [ male announcer ] send the aflac duck a get-well card at getwellduck.com. [ male announcer ] how do you turn an entrepreneur's dream... ♪ into a scooter that talks to the cloud? ♪ or turn 30-million artifacts... ♪ into a high-tech masterpiece? ♪ whatever your business challenge, dell has the technology and services to help you solve it. [ male announcer ] how could switchgrass in arge
up next, charitable deduction donations phasing out as a result of congress' tax deal. now non-profits are bracing for the impact. the head of a non-profit will speak to me about the challenges. also ahead, recreational marian label. a new twist in the murder kiss of a lottery winner. wait until what investigators have uncovered now. stay with us on that. until it is fully healed, bt possibly several months. so, if the duck isn't able to work, how will he pay for his living expenses? aflac....
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they have a lower corporate tax rate. melissa: yeah. >> which really helps but they have fossil fuels and they're developing them. there is no free lunch in this world. there is a risk and there's a benefit but in this study the benefits of economic development, energy security in our continent far outweighs the risk. melissa: even if we do harvest this natural resource, do you think that the study shows we need to be more careful about how we're doing it? >> always. it is always a learning process. melissa: yeah. >> fact that they found it, now they can work with the industry, find technology perhaps to reduce things. if his speculation was we do more it will get worse. that is speculation and work with industries to find the right technologies to make sure it doesn't. but at the end of the day, our economy, world runs on fossil fuels, 80%. it is notoing anywhere. do it safely. melissa: can't run the world economy without question. what impact of this study do you think? it is getting a lot of attention. that is why we'r
they have a lower corporate tax rate. melissa: yeah. >> which really helps but they have fossil fuels and they're developing them. there is no free lunch in this world. there is a risk and there's a benefit but in this study the benefits of economic development, energy security in our continent far outweighs the risk. melissa: even if we do harvest this natural resource, do you think that the study shows we need to be more careful about how we're doing it? >> always. it is always a...
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the fiscal cliff, this isn't a new tax. it's a return of an old tax but playing havoc with domestic stocks. so is all of the partisanship that makes our country seem like a mickey mouse place to invest and uncertainty going forward, every single democratic government on earth seems to be better organized and smoother functioning than ours. that uncertainty caused by that lack of confidence and higher payroll taxes might have something to do with the declines. telco was a place to hide back in 2012. at&t and verizon saw slow downs. apple and samsung, we love these companies because they had no europe last year, in china, no mexico. now we wish they had all three and there was business formation. let's focus on the other half of the equation. it's a little. where the money is going. last night china heads to one more marketable session. holy cow, courtesy of new attitude. the gold double digit growth is taking up the fxi. follow along, but it is taking up to the ancillary chinese place, like coach. did you see that today. ral
the fiscal cliff, this isn't a new tax. it's a return of an old tax but playing havoc with domestic stocks. so is all of the partisanship that makes our country seem like a mickey mouse place to invest and uncertainty going forward, every single democratic government on earth seems to be better organized and smoother functioning than ours. that uncertainty caused by that lack of confidence and higher payroll taxes might have something to do with the declines. telco was a place to hide back in...
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>> but seems like this deal $41 in tax hikes per $1 in spending cuts with middle class taxes going up, i doubt that we are going to get that either. this president has made clear he not only wants the debt ceiling raised. let's not forget, he wanted the debt ceiling eliminated. that is the kind of negotiating that he is putting forward even though he said he is going to have to negotiate. that is what he said for a long time. if the gop plays his cards right and sticks to the spending see kwaester, i think that will put obama back think the defense. stick around. we have much more cooking for you. but look, i shothought obamacar was supposed to keep costs down. we are going to tell you why. later on, team obama going all out an gun control. i'm glad they are meeting with the nra. but now senator feinstein wants to ban gun control. we'll be right back. with the spark cash card from capital one, olaf gets great rewards for his small business! pizza! [ garth ] olaf's small business earns 2% cash back on every purchase, every day! helium delivery. put it on my spark card! [ pop! ] [ garth
>> but seems like this deal $41 in tax hikes per $1 in spending cuts with middle class taxes going up, i doubt that we are going to get that either. this president has made clear he not only wants the debt ceiling raised. let's not forget, he wanted the debt ceiling eliminated. that is the kind of negotiating that he is putting forward even though he said he is going to have to negotiate. that is what he said for a long time. if the gop plays his cards right and sticks to the spending see...
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but we did save a lot of taxes. the tax issue is behind us. and now we move forward to see if we can get a reluctant president to do something about reducing our excessive spending. >> what do you say about all the division within the republican party? look at the difference between senate republicans, house republicans, the fact that speaker boehner doesn't seem to be in a position to negotiate with the white house any further. that seems to be falling all to you. how much damage does it do to your goals for the government that the republican party seems to be so divided over what you have just done on the fiscal cliff, and continues to be divided over the way forward on taxes and spending? >> well, there are divisions among senate democrats as well. in fact, i don't think there's a bipartisan -- i think there's a bipartisan majority in the senate for not raising taxes further. in other words, taking the same view that i do, which is that the tax issue has been resolved. it's behind us. so there are divisions on both sides. i mean, we can spe
but we did save a lot of taxes. the tax issue is behind us. and now we move forward to see if we can get a reluctant president to do something about reducing our excessive spending. >> what do you say about all the division within the republican party? look at the difference between senate republicans, house republicans, the fact that speaker boehner doesn't seem to be in a position to negotiate with the white house any further. that seems to be falling all to you. how much damage does it...
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but this is a weird one because this tax works the opposite of many other taxes in that it only taxes you up to $113,000 of income. above that, you don't have to pay the social security piece of the fica tax. it hits those people at the bottom on a percentage basis more than other taxes do. that's why people are having a little bit after head scratcher here, trying to figure out what the impact is, sue. >> yeah, eamon, no one is happy about it. and jane has that story live for from burbank, jane? >> reporter: hi, sue. in california, it is a double-whammy. not only are people seeing higher taxes but in california there are is a higher sales tax twb there is higher federal income tax and state as well. but this is l.a., a blue city and blue state and people are used to ponying up. >> have you gotten paid yet this month. >> reporter: yes, i have. >> did you notice your paycheck was smaller? >> i did. >> reporter: how did you feel about that? >> on one hand, we know why it is being done in the sense that we need to find a way of getting the deficit down. you but on the other hand, no, bec
but this is a weird one because this tax works the opposite of many other taxes in that it only taxes you up to $113,000 of income. above that, you don't have to pay the social security piece of the fica tax. it hits those people at the bottom on a percentage basis more than other taxes do. that's why people are having a little bit after head scratcher here, trying to figure out what the impact is, sue. >> yeah, eamon, no one is happy about it. and jane has that story live for from...
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>> there is a tax l infrastructure. those are things we're all very concerned about and as he said they could be state sponsored, organized crime. the common denominator is there fast and funded. all the critical infrastructure we depend on is a lot of effort going into trying to make sure we have those resources secure. ashley: you mentioned banking. my fear is cloud computing. how easy it is to have my bank out there, how easy is it for these hackers to jump in and wipe out the account? all $10. >> obviously might have a safe at your home, but you expect a high level of security. same with cloud-based applications. that becomes a target for the bad guys. from a banking perspective we are seeing an increase in the number and we will tell you we're seeing major banks doing everything they can their power to keep the money safe as well. laurie: windows 8 will be the next big target. microsoft has done a lot to make it even more secure than the previous version. reality is that a lot of people use one product, the bad guy
>> there is a tax l infrastructure. those are things we're all very concerned about and as he said they could be state sponsored, organized crime. the common denominator is there fast and funded. all the critical infrastructure we depend on is a lot of effort going into trying to make sure we have those resources secure. ashley: you mentioned banking. my fear is cloud computing. how easy it is to have my bank out there, how easy is it for these hackers to jump in and wipe out the account?...
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tax breaks. that's more expensive than the revenue that obama gained from putting in the tax cuts. i mean the tax hikes on the rich. so, not enough coverage of substance and too much on horse race. >> i'm shocked to hear that indi indictment. let me get a break here. up next, chris christie causes a media explosion by ripping john boehner over hurricane aid or the lack there of. what explains the president's fascination with this guy? since i've lost weight i have so much more energy than i used to, when i'm out with my kids, my daughter's like, "mom, wait up!" and i'm thinking, "shouldn't you have more energy than me? you're, like, eight!" [ male announcer ] for every 2 pounds you lose through diet and exercise alli can help you lose one more by blocking some of the fat you eat. simple. effective. advantage: mom. let's fight fat with alli. learn more, lose more at letsfightfat.com. to volunteer to help those in need. when a twinge of back pain surprises him. morning starts in high spirits, but t
tax breaks. that's more expensive than the revenue that obama gained from putting in the tax cuts. i mean the tax hikes on the rich. so, not enough coverage of substance and too much on horse race. >> i'm shocked to hear that indi indictment. let me get a break here. up next, chris christie causes a media explosion by ripping john boehner over hurricane aid or the lack there of. what explains the president's fascination with this guy? since i've lost weight i have so much more energy than...
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come in, as we have to pay taxes on our amazon purchases in some states, that really levels the playing ground in a lot of areas and make the other retailers more viable in that sense. >> that's a great point. greg. you think this is a necessary move. what does it mean for the retailers out there? does it turn out well for the rell tailers? how does it impact the group? >> every group needs to keep its customers and traffic positive so you need to be competitive. good retailers will recognize that and you'll win by having a better service, better selection. target, it's a smart move for them because you've got to keep traffic going. if you don't, you end up like best buy. >> are we going to see others do this then? >>o absolutely. any good retailer recognizes that the big change over the last three years, three years ago, less than 5% of americans had the internet walking around in their pocket. >> right. >> now it's over 50, and in our survey work, we think 25% of consumers told us that they have shopped multiple times with their mobile device. that's -- that's just a game-changer, so
come in, as we have to pay taxes on our amazon purchases in some states, that really levels the playing ground in a lot of areas and make the other retailers more viable in that sense. >> that's a great point. greg. you think this is a necessary move. what does it mean for the retailers out there? does it turn out well for the rell tailers? how does it impact the group? >> every group needs to keep its customers and traffic positive so you need to be competitive. good retailers will...
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did the upper income crowd start retrefrping before their taxes were raised? some worrisome evidence that they could already be hiding their wallets? jim grant from grant's interest rate observer here with a big warning about the debt ceiling fight, and it may not be what you think he'd say. plus, are women better hedge fund managers than men? maria says yes. a new study agrees. we'll speak with the person behind the data. >> let check the markets right now as we approach the final hour with the dow jones industrial average at highs of the day. take a look at that chart. real momentum going into the close. up 70 point on the dow jones industrial average here. pretty broad-based as well, 13,460, last trade of the blue chip average. nasdaq composite inching back towards the high of the day. noted a it though on the nasdaq, but as you can see, gains of about 11 points and the standard & poor's are 500 index, similar chart pattern here, looking into momentum heading into the close, with a gain on the session of nine points. >> maria, in today's closing bell exchan
did the upper income crowd start retrefrping before their taxes were raised? some worrisome evidence that they could already be hiding their wallets? jim grant from grant's interest rate observer here with a big warning about the debt ceiling fight, and it may not be what you think he'd say. plus, are women better hedge fund managers than men? maria says yes. a new study agrees. we'll speak with the person behind the data. >> let check the markets right now as we approach the final hour...
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that means there could be a potential big tax hit if most of that money is overseas? >> yeah, that's exactly right. if you have to repatriate for use in something like this, then you have to pay the differential in the different tax jurisdictions. so while you have 5 on the books, it could be significantly less that you could actually utilize. sandra: i want to bring a report from goldman sachs. they upgraded based on quote the possibility of a leveraged buyout offer providing floor for the shares. if you own dell shares, if you want to own dell shares, what does one do right now based on the news that we have at this moment? >> well, i think outside of a takeout, the 2013 still looks better for dell than 2012. they're doing a lot of things to get them out of just the commodity pc market, into services, into servers into the upper enterprise where margins are better to look more like an ibm than maybe just a pc seller. that will be better for the company as we push through the next few quarters. i think we have a little bit better pc backdrop to boot. david: cody you
that means there could be a potential big tax hit if most of that money is overseas? >> yeah, that's exactly right. if you have to repatriate for use in something like this, then you have to pay the differential in the different tax jurisdictions. so while you have 5 on the books, it could be significantly less that you could actually utilize. sandra: i want to bring a report from goldman sachs. they upgraded based on quote the possibility of a leveraged buyout offer providing floor for...
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which taxes the wealthier at higher rates. gallup found that none ofshowdo rating with house speaker john boehner scoring the worst. president obama will head back to washington from hawaii late tonight. he's expected to be greeted over confrontations with the debt ceiling. the debt ceiling is the legal limit on the nation's borrowing. in his weekly address, the president says he's taking a hard line on the issue. >> one ning i will not compromise over is whether or not congress should pay the tab for a bill they have already racked up. if congress refuses to kbif the united states its ability to pay its bill on top, the consequences could be catastrophic. last time congress threatened this course of action, our economy suffered for it. our families and our businesses can not afford that dangerous game again. >> on the first day of the new congress, lawmakers introduced nearly a dozen bills related to gun violence. they come in the wake of the connecticut school shooting and promises from president obama to take concrete actio
which taxes the wealthier at higher rates. gallup found that none ofshowdo rating with house speaker john boehner scoring the worst. president obama will head back to washington from hawaii late tonight. he's expected to be greeted over confrontations with the debt ceiling. the debt ceiling is the legal limit on the nation's borrowing. in his weekly address, the president says he's taking a hard line on the issue. >> one ning i will not compromise over is whether or not congress should...
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tax increases and spendsing cuts are available and there's some possibility, and some compromise. and something like that. so right now we're in these -- as we are watching all of the time, the posturing stages. i will not negotiate and in reality, everyone has to negotiate and there is room for, promyself here. we're hearing fresh voices, jonathan and freshman senator fisher, speaking out and calling for spending cuts and i want to play it for everybody. take a listen. >> the president will soon ask congress to raise the nation's debt limit again. i believe we can increase the borrowing limit without increasing the out of control spending. to cut spending we must find ways to reduce the cost of social security, medicare and medicaid. the primary drivers of our national debt. >> so jonathan, do you think the boehner rule will go into effect and entitlement reform will be a target. >> that's certainly what john baner and the rest of the republicans in congress hope happens. there's sort of a fl see here in the dollar for are dollar idea which is when the debt limit's being raised,
tax increases and spendsing cuts are available and there's some possibility, and some compromise. and something like that. so right now we're in these -- as we are watching all of the time, the posturing stages. i will not negotiate and in reality, everyone has to negotiate and there is room for, promyself here. we're hearing fresh voices, jonathan and freshman senator fisher, speaking out and calling for spending cuts and i want to play it for everybody. take a listen. >> the president...
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the payroll tax hold day was not extended, so, that pushed the tax and social security up to 6.2% from 4.2%. despite the consumer discretionary shot up. no everyone is convinced the run can last as consumers feel the pinch. it's time for a street fight. karen is bullish on consumer discretionary, b.k. is bearish. so, beeks, lay out the bear case. >> okay, so, i start, karen is undefeated. i'm going to mind by ps and qs here. i think consumer discretionary is overdone here, primarily because when you look at consumer credit and disposable income, they increase one to one. we had an increase in consumer credit, away from the trend. you have an increase in disposable nexincome. it may not be a lot, but that could have a nonlinear effect on the area. when i look back at the valuation of it, xly or the underlying index is trading at the high end of its valuation on a p.e. and price to book ration owe is the word i was looking for. it a tough word. >> yeah. >> r-a-t-i-o. >> yes. >> i but curious about this, because it doesn't sound like a lot, but the tax policy center says that's $18 to $20
the payroll tax hold day was not extended, so, that pushed the tax and social security up to 6.2% from 4.2%. despite the consumer discretionary shot up. no everyone is convinced the run can last as consumers feel the pinch. it's time for a street fight. karen is bullish on consumer discretionary, b.k. is bearish. so, beeks, lay out the bear case. >> okay, so, i start, karen is undefeated. i'm going to mind by ps and qs here. i think consumer discretionary is overdone here, primarily...
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we're doing a revenue neutral conversion from the gas tax to the sales tax. gas tax was on a long-term decline because of invasion, because of alternative fuels, fuel efficiency. it's not going to keep up with the demands for a modern state like virginia where we have big infrastructure demands. we already use the sales tax. and ill thought the conversion was timely. and with huge transportation problems in northern virginia in particular, we've got to -- we've got to make some adjustments, we have a lot of reforms, using general funds, but this program together will help get people back to work. >> let's move on. i want to ask you a couple of other questions while we have you here. talk to me about the gun story. gun reforms coming out of washington, d.c. i actually think there's going to be some bipartisan support for it. does this affect virginia? >> we're very a strong pro second amendment state. like most people, my wife and i were in shock to watch what happened in sandy hook. i immediately signed an executive order, we've got a school safety task force
we're doing a revenue neutral conversion from the gas tax to the sales tax. gas tax was on a long-term decline because of invasion, because of alternative fuels, fuel efficiency. it's not going to keep up with the demands for a modern state like virginia where we have big infrastructure demands. we already use the sales tax. and ill thought the conversion was timely. and with huge transportation problems in northern virginia in particular, we've got to -- we've got to make some adjustments, we...
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you say that the tax debate is over. >> oh, yeah, the tax -- revenue -- the tax issue is finished, over, completed. that's behind us. now the question is what are we going to do about the biggest problem confronting our country and our future, and that's our spending addiction. it's time to confront it. the president surely knows that. i mean he has mentioned it both publicly and privately. the time to confront it is now. >> but in the last -- >> we ought to engage. >> let me just interrupt you there. in the last year the budget control act, the congress cut $1.5 trillion in spending. that's more than was raised in revenue over this last fiscal cliff deal. are you saying that any discussion of revenue is completely off the table going forward? you will not accept any new revenues in any new deal? >> yeah, absolutely. the tax issue is behind us. now the question is, what are we going to do about the real problem? we didn't have this problem because we weren't taxing enough. unfortunately, as a result of the agreement that was reached, 99% of americans will not see their taxes go up. 500,
you say that the tax debate is over. >> oh, yeah, the tax -- revenue -- the tax issue is finished, over, completed. that's behind us. now the question is what are we going to do about the biggest problem confronting our country and our future, and that's our spending addiction. it's time to confront it. the president surely knows that. i mean he has mentioned it both publicly and privately. the time to confront it is now. >> but in the last -- >> we ought to engage. >>...
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which may mean more tax raises but the republicans said no way. >> i agree. one more factor is that a public is widely defeated in the fiscal cliff discussions. they have to make it up in the fiscal debt ceiling increase. they have to insist on spending cuts. what it means is having lost once on december 31st, they are tougher to negotiate the next time around. >> they always said it would come to a political game with the chicken or the debt ceiling. >> correct. >> see you soon. >> got breaking news right now. stunning news coming into the cnbc newsroom. what is it? >> for the third time since 1965, baseball writers of america did not elect a single person into the baseball hall of fame. this a big deal because a lot of players associated with the steroid jer gentleman were up. i want to give people percentages here. barry bonds received 36.2% to get in. roger clemens, mark mcguire 16 ppt 9 and sammy sosa 12.5%. shock numbers there. the closest to get in is craig bijo. 68% plus. in terms of the order. so none of those players talking clemens, and barry bonds
which may mean more tax raises but the republicans said no way. >> i agree. one more factor is that a public is widely defeated in the fiscal cliff discussions. they have to make it up in the fiscal debt ceiling increase. they have to insist on spending cuts. what it means is having lost once on december 31st, they are tougher to negotiate the next time around. >> they always said it would come to a political game with the chicken or the debt ceiling. >> correct. >> see...
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aig borrowed your tax dollars to stay alive. it may sue its rescuer. yes, liz macdonald has the details on that story next. ♪ [ male announcer ] how do you turn an entrepreneur's dream... ♪ into a scooter that talks to the cloud? ♪ or turn 30-million artifacts... ♪ into a high-tech masterpiece ♪ whatever your business challenge, dell has the technology and services to help you solve it. nothing. are you stealing our daughter's school supplies and taking them to work? no, i was just looking for my stapler and my... this thing. i save money by using fedex ground and buy my own supplies. that's a great idea. i'm going to go... we got clients in today. [ male announcer ] save on ground shipping at fedex office. sandra: well after rescuing them from collapse with a $182 billion bailout aig is now considering joining a lawsuit against the government. that's right. they want to sue the very taxpayers that saved them. ashley: yeah. but there is some interesting, you have to read the details on this. liz macdonald joins us with a story that continues
aig borrowed your tax dollars to stay alive. it may sue its rescuer. yes, liz macdonald has the details on that story next. ♪ [ male announcer ] how do you turn an entrepreneur's dream... ♪ into a scooter that talks to the cloud? ♪ or turn 30-million artifacts... ♪ into a high-tech masterpiece ♪ whatever your business challenge, dell has the technology and services to help you solve it. nothing. are you stealing our daughter's school supplies and taking them to work? no, i was just...
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because i think most of it paying hire taxes that sounds like a tax hike. >> the so-called bush tax cuts that got extended that's a tax cut. that's what i'm talking about. i still think, though, there's a difference between the way the investor class thinks, the people who watch "the kudlow report" every night and the way the ordinary americans who aren't watching "the kudlow report" who are just receiving their paycheck. they think differently. >> evidence doesn't back that up. >> i think most americans know when the payroll tax cut is going to expire or anything like that. i think they just get a check and they're happy they got more money or they're not happy they got less money. >> george w. bush had two tax rebates, temporary rebates. he had one in 2001, it didn't work. >> he gave you a check, though. >> one in 2008. it didn't work. i remember in the 1970s, nixon, jerry ford, jimmy carter, they all wanted temporary tax rebates. that was the idea du jour. never worked. >> they just gave you a big check and said this is a check from the federal government. go spend it and do whatever
because i think most of it paying hire taxes that sounds like a tax hike. >> the so-called bush tax cuts that got extended that's a tax cut. that's what i'm talking about. i still think, though, there's a difference between the way the investor class thinks, the people who watch "the kudlow report" every night and the way the ordinary americans who aren't watching "the kudlow report" who are just receiving their paycheck. they think differently. >> evidence...
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same with taxes and spending. the cbo says the deficit will again be a trillion dollars this year and left says tax more and keep spending. the right says we've taxed enough, cut spending. division. a crisis at boeing, more incidents hurt the dreamliner and that stock is down big. can it be? french socialists rethink that 75% tax rate? "varney & company" is about to begin. you turn for legal matters? maybe you want to incorporate a business. orrotect your family with a will or living trust. and you'd like the help of an attorney. at legalzoom a legal plan attorney is available in most states with every personalized document to answer questions. get started at legalzoom.com today. and now you're protected. >> good morning, "varney & company" viewers, wednesday, january the 9th. america divided in many ways. today the issue is guns. three headlines for you, first, after a newspaper published the names and addresses of gun owners in two new york counties. gossip website followed suit. it posted them, 446 pages long.
same with taxes and spending. the cbo says the deficit will again be a trillion dollars this year and left says tax more and keep spending. the right says we've taxed enough, cut spending. division. a crisis at boeing, more incidents hurt the dreamliner and that stock is down big. can it be? french socialists rethink that 75% tax rate? "varney & company" is about to begin. you turn for legal matters? maybe you want to incorporate a business. orrotect your family with a will or...
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see if it lasts because it's being explained away as people pull forward their bonuses in 2012 for taxes. let's see if it lasts beyond that. earnings are slowing down. the economy is slowing down. and on the positive, you've got the fed pushing real hard. so maybe we don't have a big down in the market because of the fed, but the fundamentals beyond the fed are real hard to support the market going up. >> china's improving. japan is in uber-stimulus mode. a number of people have changed their gdp numbers this weekend 2.5%. it's not horrible and it's slowly improving. >> it is definitely tough out there. there's no argument there. final word very quickly, ralph. i just want to get your single best idea right here. if your scenario materializes and this market goes up, what's your best idea? where do you want to put your money today? >> xlf. financials. >> that's his financial sector there. >> yep. >> thanks, guys. >> we'll see you soon. thank you so much. we'll keep you updated on the dell story as it develops. we are in the final stretch of trading. 45 minutes until the closing bell soun
see if it lasts because it's being explained away as people pull forward their bonuses in 2012 for taxes. let's see if it lasts beyond that. earnings are slowing down. the economy is slowing down. and on the positive, you've got the fed pushing real hard. so maybe we don't have a big down in the market because of the fed, but the fundamentals beyond the fed are real hard to support the market going up. >> china's improving. japan is in uber-stimulus mode. a number of people have changed...
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it's because they took out a federal tax credit that has not been renewed. even still down 1.25%. >> what do you do with amgen. >> i see love this name. i love the biotech, pharmaceutical space. you're looking for opportunities on pullbacks. 1%, i'd like to see more of a pullback. >> is there a name you like best? pharma palooza is going on, jpmorgan health conference. everyone talking about their companies. which one do you like best? >> the one i own, merck. i think there are multiple names that work. pick one. if you go with lilly, a fantastic job. if you look across the board, pharmaceuticals are cheap and have strong pipelines. >> pete is right on the money. i would take it a step further. if you're a fairly conservative investor but recognize the upside in these types of protein-based drugs, why not buy the whole sector. there's an equal way to do that in the etf world, top 40 publicly traded biotechs none are too big. you don't have that cap weight risk, play the uptrend that we will see and continue to see as baby boomers need more not less drugs. >>
it's because they took out a federal tax credit that has not been renewed. even still down 1.25%. >> what do you do with amgen. >> i see love this name. i love the biotech, pharmaceutical space. you're looking for opportunities on pullbacks. 1%, i'd like to see more of a pullback. >> is there a name you like best? pharma palooza is going on, jpmorgan health conference. everyone talking about their companies. which one do you like best? >> the one i own, merck. i think...
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we can't tax our way out of them. they're still too big. either we're going to reform them now or they will collapse later. so they are going to change either in a bad way or a good way. they ought to get going with it. the other reality of the last 14 times we raised the debt ceiling 11 of them come with something that looks like attacking the deficit. so it is business as usual. raise the debt ceiling and do the right thing on the deficit. they have to get to it. melissa: i don't know. fantastic power panel. thanks to all three of you for spending your time with us, really appreciate it. so here's a twist you might not have expected. we told you about aig's thank you america ad campaign for its $182 billion bailout. well now aig's board of directors is looking into whether it will join a lawsuit against uncle sam over that same bailout. it is in response to a shareholder lawsuit against the government. claiming that when it took control of aig shareholders were deprived of private property worth billions of dollars without proper compensa
we can't tax our way out of them. they're still too big. either we're going to reform them now or they will collapse later. so they are going to change either in a bad way or a good way. they ought to get going with it. the other reality of the last 14 times we raised the debt ceiling 11 of them come with something that looks like attacking the deficit. so it is business as usual. raise the debt ceiling and do the right thing on the deficit. they have to get to it. melissa: i don't know....
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we would go over the fiscal cliff -- >> hoo -- >> or this is big -- attempts to get iras to be more tax advantaged before a hike in the capital gains rates. and we had the money that goes into stocks early in january. stocks are made at the beginning of the year. i make 'em, you make 'em. now we see the conclusion of short-term drivers, and we've got to return to business as usual. that's where the themes come in. each day i'm going to reveal two themes that i believe are going to dominate the market's thinking in 2013, give you the best opportunities to put money to work on the down days. not the up ones. i don't like money put to work on the up ones. particularly down days caused by the washington curse -- ♪ >> that sadly even seem to infect the great rg3 this weekend. these themes work when the market is down hard as it was earlier today before rebounding moderately. first theme, number-one theme -- the return of the banking business as an investable place to put your money. for five years now we've been under pressure, these bank stocks, under pressure -- one thing or another. it
we would go over the fiscal cliff -- >> hoo -- >> or this is big -- attempts to get iras to be more tax advantaged before a hike in the capital gains rates. and we had the money that goes into stocks early in january. stocks are made at the beginning of the year. i make 'em, you make 'em. now we see the conclusion of short-term drivers, and we've got to return to business as usual. that's where the themes come in. each day i'm going to reveal two themes that i believe are going to...
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senate majority leader mitch mcconnell is ruling out any tax hike. >> the tax issue is finished, over, completed. that is behind us. now the question is what are we going to do about the biggest problem confronting our country? and our future? and that's our spending addiction. >> if mitch mcconsl going to draw that line in the sand, it's a recipe for more gridlock. we have to take a balanced approach to long-term deficit reduction. >> republicans want big cuts in programs like medicare and social security as a condition for raising the debt ceiling. >>> and u.s. regulators may announce a $10 billion settlement today over bad foreclosure practices. the "new york times" first reported the deal last week said 14 banks, including citigroup, jpmorgan and the bank of america are involved. nearly $4 billion will go to people who lost their homes in 2009 and '10. the rest will be for those in the process. the times says the fed threatened to block the settlement, demanding for money from banks for their reason in the financial crisis, but has since back down. >>> and a reminder of what on th
senate majority leader mitch mcconnell is ruling out any tax hike. >> the tax issue is finished, over, completed. that is behind us. now the question is what are we going to do about the biggest problem confronting our country? and our future? and that's our spending addiction. >> if mitch mcconsl going to draw that line in the sand, it's a recipe for more gridlock. we have to take a balanced approach to long-term deficit reduction. >> republicans want big cuts in programs...
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Jan 13, 2013
01/13
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he said i vote for every tax cut. i vote for every appropriations and i always vote against the debt ceiling. i say, if everyone did that, it would be anarchy. he said, what do you think this place is, on the level? that's what these guys are doing, total, complete fraud and in the end republicans are not going to want to say we'll put the full faith and credit in the united states at risk, so we can cut medicare. that just won't happen. >> that's what people are betting on. >> that's exactly what republicans are betting on. we went to the well. we let the president get what he wanted on the fiscal cliff. but when it comes to the debt ceiling, he's going to have to cough up some spending cuts and they are saying they are prepared to go to the brink on this even if it means, you know, questioning the full faith and credit of the american government. >> but, yeah -- >> look, the republicans need to wake up and get real. we're the only country on earth that has a debt ceiling limit. ultimately as part of a grand bargain
he said i vote for every tax cut. i vote for every appropriations and i always vote against the debt ceiling. i say, if everyone did that, it would be anarchy. he said, what do you think this place is, on the level? that's what these guys are doing, total, complete fraud and in the end republicans are not going to want to say we'll put the full faith and credit in the united states at risk, so we can cut medicare. that just won't happen. >> that's what people are betting on. >>...
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Jan 14, 2013
01/13
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we did an anti-growth package with taxes. we raised taxes. not just for the rich, for everybody. and i don't think that bodes well for continuing growth, and that's why we're defensive. cheryl: one of the things you talk about here and i want to kind of pick apart this point if you don't mind is you're saying we should be looking at going for high yield and global bonds. fair enough. but if you've got a u.s. economy which is still the biggest economy in the world, if you've got a weak economy, unfortunately, i know you are saying good economy, but some are saying we are going to have a weak economy in 2013, if that's the case, do i want to be high yield? does that make sense to you? >> yeah, it does because high yield you get paid a lot of different ways. high income, risk adjusted return. last year up over 15%. almost as much as equities, but you're still getting paid to take that risk to be in there. global bonds is a win-win-win. you get paid on yield. you get paid on -- for diversification. you get paid on currency risk. so that's a good place to be. and i'm not saying we're
we did an anti-growth package with taxes. we raised taxes. not just for the rich, for everybody. and i don't think that bodes well for continuing growth, and that's why we're defensive. cheryl: one of the things you talk about here and i want to kind of pick apart this point if you don't mind is you're saying we should be looking at going for high yield and global bonds. fair enough. but if you've got a u.s. economy which is still the biggest economy in the world, if you've got a weak economy,...
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Jan 11, 2013
01/13
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in other words, a lot of the money from the tax increase and tax revenues currently are actually going to basically pay back borrowing against previous budgets. so and then the the second thing that's happening is california is not really reforming its spending, so, projections are that a big part of the tax increase is actually going to the fact that they have pension debt. they've done nothing substantial with the pensions and i'll give you within example. one of the former board members of calsters, david crane, the california entrepreneur basically said that about half the money that's going to schools with the the new tax increases is going to wind up in the pension fund because c calsters is on what some people say the path to insolvency. and-- >> so i'm looking at this from a distance and i'm seeing an upbeat presentation by the governor, excuse me, as if no more budget deficits, we're out of trouble. we got rid of the bubble deficits and come from 26 billion dollars down and might be in the black in the near future. without going into detail, is he right? is it legitimate for t
in other words, a lot of the money from the tax increase and tax revenues currently are actually going to basically pay back borrowing against previous budgets. so and then the the second thing that's happening is california is not really reforming its spending, so, projections are that a big part of the tax increase is actually going to the fact that they have pension debt. they've done nothing substantial with the pensions and i'll give you within example. one of the former board members of...
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Jan 8, 2013
01/13
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CNBC
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where they are on the hook for this in a situation where they are already dealing with a shortage in tax revenue and the necessary conditions to cut spending. >> all right. it's not only jeff raising attention to this issue. it has been david rosenberg who actually called this problem a ticking time bomb. in your view, is this a ticking time bomb and if so, when does this thing go off? when do we get signals that there's distress and the government is on the hook? >> sure, and again, it's a different kind of time bomb in the sense that it's not going to effect the levered financial institutions and the broader market. it's an issue of how the government is going to finance this. and the thing about student loans is, both private and federal loans are nondischargeable in bankruptcy. the government has a phenomenal collection rate but that can take a series of time to realize the dollars. so, what we're looking at is a circumstance that over the next several years, the government could have a $200 billion shortfall to fill. the question is, where are they going to get that revenue from? >>
where they are on the hook for this in a situation where they are already dealing with a shortage in tax revenue and the necessary conditions to cut spending. >> all right. it's not only jeff raising attention to this issue. it has been david rosenberg who actually called this problem a ticking time bomb. in your view, is this a ticking time bomb and if so, when does this thing go off? when do we get signals that there's distress and the government is on the hook? >> sure, and...
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Jan 7, 2013
01/13
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CNNW
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this whole conversation we've had not raising taxes on the middle class is something that was resolved in the senate months ago. she wants to talk about parties not doing what they should have been doing, the senate voted for a bill to not allow the taxes to go up on the middle class back in the fall. the reason it went this long is because of boehner and his party. >> very quickly, ana, do you think that in fact it would have gone a long way for the republicans, rather than taunt them at the press conference he had, basically said, we know how hard it was and thank you? conciliation, trust bill. >> i think it would have gone a long way for president obama. listen, we're just at the beginning of this, we have four more long years. he's got a legacy he wants to build, he's going to have to work with republicans and it works better when you try to invest in building relationships, when you put some capital and some time and some resources and real resources in investing relationships in congress. that's what bill clinton did, and that's why he was able to get some things done. that's why
this whole conversation we've had not raising taxes on the middle class is something that was resolved in the senate months ago. she wants to talk about parties not doing what they should have been doing, the senate voted for a bill to not allow the taxes to go up on the middle class back in the fall. the reason it went this long is because of boehner and his party. >> very quickly, ana, do you think that in fact it would have gone a long way for the republicans, rather than taunt them at...